Unlike ordinary families, LGBTQ families often have a hard time when planning for their estate. An estate plan is essential for everyone. In 2015, the Supreme Court made a significant decision on same-sex marriages. Despite this critical development, LGBTQ individuals in Texas still face challenges during estate planning. Here are reasons why updates are necessary for estate planning for LGBTQ families.
Provision for children
Marriages between same-sex couples are legal. However, children from these marriages aren’t recognized as heirs of the two parents. For the children to gain recognition, the parents should conduct a second-parent adoption. It is a legal procedure that protects the parentage of the children. Therefore, LGBTQ couples should stipulate in their will and other estate planning documents, the recognition of children from the other partner.
Names and gender identification
Over the past years, there has been an increase in transgender people and people who associate with more than one gender. Thus, there’s an increase in the number of such individuals wanting to change their names and gender identification. To reduce inheritance problems that may arise later, parents and such individuals ought to take some steps. They should update their documents to prevent future disputes. Additionally, they can use designations such as formerly known as (fka) to prevent confusion.
Although most LGBTQ couples have children, some couples remain childless. Remaining childless results in several estate planning issues. Thus, such couples must specify their choices through a will or trust. However, when making such a decision, the individual must consider their medical care and other decisions in case of disabilities. In many families, children are often a clear choice. For childless couples, medical directives, powers of attorney and other documents are essential in designating the individual to handle medical and financial decisions.
LGBTQ individuals face complex decisions when estate planning issues arise. Thus, you should always contact an attorney. An attorney might provide in-depth legal advice.